Ripple, the prominent Blockchain and payments company, has reached a significant milestone in its legal battle with the U.S. Securities and Exchange Commission (SEC). On November 1, Ripple released its Q3 2023 XRP market report that sheds light on the current state of its legal case, giving the community ideas of what the future holds.
A Pivotal Ruling
The market report provides clarity on the aftermath of the pivotal decision by the SEC on October 19. The SEC has dropped all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. Judge Analisa Torres made this decision official, effectively putting an end to any potential future claims against these individuals and eliminating the need for the trial scheduled for April 2024.
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Legal Victories and The Road to Remedies
Ripple’s legal journey has been marked by a series of victories. On July 13, a ruling established that XRP is not a security, offering a clear regulatory direction for the cryptocurrency.
The SEC tried to file an interlocutory appeal to fight this decision, but this was denied on October 3. Shortly after, the SEC dropped the charges against Ripple’s executives. These legal wins have solidified Ripple’s position in the cryptocurrency market.
The case is now entering the remedies stage. During this phase, the court will determine appropriate remedies, if any, in light of Ripple’s violation of securities laws.
The July ruling determined that programmatic sales and other distributions were fine, but institutional sales of XRP violated securities laws. Both parties will meet on November 9, and the community is eagerly waiting to see what happens next.
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Read Also: Ripple Faces SEC’s $770 Million Settlement Demand in XRP Lawsuit
Global Expansion
While navigating these legal challenges in the United States, Ripple has made substantial progress on the global stage. The company recently achieved a significant milestone by securing a payment institution license from MAS Singapore.
This license paves the way for Ripple’s cryptocurrency payments business to flourish in Southeast and East Asia, strategically positioning the company in a region with immense potential.
Beyond Legal Battles
With the bulk of the legal disputes behind them, the community can now look to XRP’s future, and Google Bard recently predicted the cryptocurrency’s price for November 30. Ripple is expected to focus on its core mission: transforming cross-border payments.
The XRP case has underscored the necessity for regulatory clarity in the cryptocurrency sector. Ripple’s legal triumphs may serve as a precedent for other digital assets, highlighting the importance of clear regulatory frameworks.
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